Will the fall in oil prices shift the global balance of power or exacerbate existing conflicts?

Opinion By Fareed Zakaria August 20

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While we have been watching the Islamic State and discussing Iran, something much bigger is happening in the world. We are witnessing a historic fall in the price of oil, down more than 50 percent in less than a year. When a similar drop happened in the 1980s, the Soviet Union collapsed. What will it mean now?

I have mixed emotions about it while I enjoy cheaper fuel prices I feel sorry for all the independants put out of work. I'm also concerned about all the new extraction methods that are no longer economical effecting domestic production and trade balances. There is also reason to worry about rapid return to former prices having a detrimental effect on the economy. To me this is just one more example of how market forces can be manipulated for reasons that have long term detrimental effects. Competition is only as good as the rules of the game and the players willingness to follow them.